Blog

HOW MUCH DO YOU REALLY KNOW ABOUT PAYROLL FOR YOUR BUSINESS?

Did you know that the National Minimum Wage is reviewed every year, or that the hourly rate for adults aged over 25 and over is £7.50; or that the UK Living Wage has increased to £8.45 and £9.75 in London; or that parents can now share their Parental Leave; or even that HMRC can charge employers penalties for late submissions of tax data on their employees?

No? Well to be fair, the average employer doesn’t know many of these things either.

But businesses who outsource their payroll requirements often save on staff training, holiday pay, sick pay, investment in new software, and staff salaries when they employ a professional payroll company. And to further test those business-owners who still haven’t got to grips with all things payroll, HMRC introduced RTI reporting (Real Time Information), which is very helpful once your payroll needs have been set up and taken care of. But RTI quickly reveals to HMRC which payroll issues an employer needs to address to comply with UK legislation. For example, could your business quickly:

- Calculate statutory requirements for SSP, SMP, NI, Tax, SAP or Student Loans?

- Provide advice on NI issues, to both staff and employers?

- Provide advice on temporary tax calculations?

- Export staff data onto payroll software programmes?

- Provide electronic payslips?

- Help and advise on auto-enrolment and pensions?

Meeting payroll obligations has to be a top priority for any business. If you would like any further information or help with payroll compliance, please contact Paul.Edwards@affordbond.com at our Cheshire Accountants office in Nantwich, Wilmslow or Chester. Or use the contact form here on our website to enquire about our payroll services.